via Mint.ca - Agent Of The Crown

The mint is an agent of the crown, but so are participants in the programme to provide ETRs with the gold. That means any mining company that provides doré for the purposes of refinement and storage at the mint is a participant in that programme.

From the Mint ETR information sheet:

"Under Canadian law, ETR Holders may have limited recourse against the Mint.

The Mint is a Canadian Crown corporation. A Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf. Pursuant to the Mint Act, the Mint is for all its purposes, including those related to the Program, an agent of the Crown and acting on behalf of the Crown. In certain circumstances, the Mint could be protected by the immunity of the Crown; however, pursuant to the terms of the ETRs, the Mint will waive such immunity as it relates to an ETR Holder's claim for loss thereunder."

Remember, the Conservatives appointed a tax lawyer known for providing tax havens offshore to run the mint.

GBN.V has not declared earnings under a swap agreement in which the mint is perhaps a counterparty for five years. But Sprott has also perhaps positioned itself in a tax-advantaged strategy to provide for allocated bullion at the mint, should they come under immunity. How the gold is provided to Sprott via the Mint is not entirely clear.

A second conclusion you might come to is that Canada is endeavouring to replace its gold reserves through the ETR programme, since the gold is unallocated.

http://bit.ly/21MyHci

-F6